India on path to become third largest economy, says MSME minister; urges industry to keep on investing
Union MSME Minister Narayan Rane has encouraged both international and domestic industries to continue investing in India and identified varied opportunities available in the country. He believes that India, which is presently the fifth largest economy, will become the third largest economy by 2030, only behind Germany and Japan. Rane pledged full support to investors seeking to invest in the country and requested industries to identify areas where imports are happening and move towards producing such products to control inbound shipments. The GIC 23 Intergovernmental Connect was organised by the ICCI in partnership with India's MSME Ministry. Key Points
Economic TimesRadhakishan Damani buys Health & Glow for ₹750 cr
According to corporate shareholding data available till June 2023, Damani, Damani publicly holds 14 stocks with a net worth over ₹166,949.6 crore with the largest being VST Industries where he is the single largest shareholder and India Cements, where his 21% ownership makes him the single largest public (non-promoter group) investor. Apart from being an investor in His other retail sector exposure is in Trent, the chain backed by Tata Group. Key Points
Economic TimesBullish on Vedanta story, expect stock price to appreciate 30-40% within a year: Sudip Bandyopadhyay
Vedanta, a unique company with diverse commodities, is well-positioned in the commodity cycle. Sudip Bandyopadhyay sees deep value in Vedanta and expects 30-40% appreciation in one year. The demerger, upcoming Tuticorin plant, and entry into power distribution contribute to its promising future. Key Points
Economic TimesExplained: Why foreign investors are reducing domestic stock holdings
Overseas funds sold off $768.4 million worth of Indian shares in a single day last Thursday, marking the largest one-day outflow since June 2022. Key Points
India TodayE20 fuel outlets will have pan-India presence by 2025, assures oil minister Hardeep Singh Puri
India's oil minister Hardeep Singh Puri on Friday said that the entire country will have special fuel stations retailing E20 petrol, drawing confidence from the faster rollout of such fuel stations. E20 fuel is a blend of 20 per cent ethanol with petrol. Ahead of the targeted launch in April, the first E20 outlet was opened on February 8 this year. Key Points
Economic Times
Top 10 Fastest Growing Major Economies In The World 2024: India Beats US, China In This Ranking! Check List
Top 10 fastest growing major economies 2024: Which are the top 10 fastest growing major economies in the world? This is one ranking in which India beats the United States of America and China! For the purpose of arriving at the list of the fastest growing major economies for 2024, EY has short-listed the world’s top 25 largest economies in the world by nominal GDP size. These economies have then been ranked in terms of the highest GDP growth rate for 2024 as projected by the International Monetary Fund (IMF) in its latest World Economic Outlook. We take a look at the top 10 fastest growing major economies in the world for 2024: (AI image) Key Points
Times Of IndiaAdani to invest USD 14 bn in FY25
Adani group plans to invest more than Rs 1.2 lakh crore (about USD 14 billion) across its portfolio companies that range from ports to energy, airports, commodities, cement and media in fiscal year starting April 1, as it doubles down on its USD 100 billion investment guidance over the next 7-10 years to grow businesses, sources said. The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40 per cent higher than what the portfolio is estimated to have incurred in FY24. Key Points
Economic TimesAfter retail and telecom, Ambani casts eye on financial services, new energy business
Billionaire Mukesh Ambani aims to make his recently demerged Jio Financial Services the largest non-banking lender in India, according to Reliance Industries' latest annual report. The unit plans to leverage digital and retail businesses technological capabilities to democratically provide financial services to citizens. It recently partnered with BlackRock to set up a mutual funds business and has little revenue, but owns 6.1% of Reliance. Key Points
Economic TimesAMC, Regal and other US chains plan $2.2 billion in theater upgrades
LOS ANGELES (Reuters) - The largest theater chains including AMC Entertainment, Regal Cinemas and Cinemark will invest more than $2.2 billion over the next three years to upgrade theaters in the U.S. Key Points
ThePrintTCS Q3 net profit up 8.2% at Rs 11,735 cr
The country’s largest software exporter, Tata Consultancy Services (TCS), on Thursday reported an 8.2% growth in net profit for the December quarter at... Key Points
The Tribune India
Billionaire Mukesh Ambani’s Reliance Industries (RIL) has stock analysts most bullish in seven years
Analysts are at their most bullish on billionaire Mukesh Ambani’s Reliance Industries Ltd. since January 2016 amid a dip in the share price of India’s largest company. Key Points
mintIndia replaces China as third largest profitable region for HSBC
HSBC has announced that India has become its third-largest profitable region, surpassing China. This growth is primarily driven by a strong performance in its global banking and markets division, catering to large corporations and including treasury operations. In 2023, HSBC's profit before tax in India rose by 19% to $1.51 billion, following Hong Kong and the UK. Meanwhile, China's profit witnessed a significant decline of 89% due to losses in various sectors. Key Points
Economic TimesIndia ready to share strengths and successes with the world: Ambassador Sandhu
India, the current G-20 president, is ready to share its strengths and successes with the world, its envoy here has said, asserting that the India-U.S. partnership will not only benefit the two countries but its rewards will be reaped around the globe. Key Points
The HinduAfter Germany, US weighs in on Kejriwal arrest, calls for ‘fair, transparent’ legal process
US, India’s 2nd largest trading partner, has taken note of Delhi CM Arvind Kejriwal's arrest. India had earlier strongly protested comments by German spokesperson in this regard. Key Points
ThePrintElon Musk loses world’s richest person title to Jeff Bezos
Elon Musk lost his position as the world's richest person to Jeff Bezos. The wealth gap between them has been shrinking as Amazon shares rise and Tesla shares fall. Bezos is now the largest shareholder of Amazon with a net worth of $200.3 billion. Key Points
Economic Times
'It’s a geopolitical statement.' Anand Mahindra lauds Google's decision to build its largest office outsid
Google's ambitious project, led by British firm AHMM, involves a massive 3 million sq. ft. eco-friendly campus. It will accommodate 18,000 employees. Key Points
Economic TimesExclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support
One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid - with increasing help from the Biden administration - to rescue trucking giant Yellow Corp (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions. Key Points
ReutersH&M sales expand 40% in FY23, retains position as India’s largest fast fashion brand by revenues
H&M, the largest fast fashion brand in India, reported a 40% increase in sales for the year ending March 2023. However, this growth was lower compared to the previous year, indicating increased competition from brands like Uniqlo and Zara. Online sales for H&M crossed the Rs1000 crore mark, accounting for 40% of its overall sales. Zara's performance in India has been tapering off due to slow outlet expansion, while H&M saw its slowest expansion ever last fiscal year. India's organized retail segment saw a 34% growth in sales. Key Points
Economic TimesWipro’s headcount drops by more than 5,000 in Q2
This comes as major Indian IT firms have all reported a drop in their headcounts. Indias largest software exporter, TCS, reported a net fall of 6,333 employees in the second quarter of FY24. Key Points
Economic TimesAdani to invest 70% of total investments in green energy: Sources
India Business News: AdGroup focuses on green energy investments, including renewables and hydrogen. Major projects in Gujarat. Plans substantial investment in infrastruct Key Points
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India's Adani Ports to raise $600 mln via non-convertible debentures
India's largest private port operator Adani Ports and Special Economic Zone (APSE.NS) said on Tuesday it will raise 50 billion rupees ($599.8 million) by issuing non-convertible debentures and 2.5 billion rupees through non-cumulative redeemable preference shares. Key Points
ReutersIndia's take-off moment is here, says NITI Aayog VC Suman Bery
NITI Aayog's vice-chairman Suman Bery linked his remark with the advantage of having the world's largest working population and resilient physical and digital institutions. This is India's take-off moment... 1/5th of humanity will have rising living standards, PTI quoted him as saying. Key Points
Economic TimesRaimondo: crucial US, China have stable economic relationship
By David Shepardson BEIJING (Reuters) - U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is "profoundly important" the world's two largest Key Points
ThePrintIndia's Hindalco posts 40% slump in Q1 profit on weaker volumes, metal prices
India's Hindalco Industries (HALC.NS), one of the country's largest aluminium and copper producers, reported a 40% fall in first-quarter profit on Tuesday as softer volumes and weak metal prices weighed. Key Points
ReutersJaguar Land Rover elevates Adrian Mardell as CEO
Adrian Mardell has been appointed as Chief Executive Officer (CEO) of Jaguar Land Rover (JLR), extending up to a term of three years. The company also appointed Richard Molyneux as the CFO. Tata Motors had announced its plans to build a $5.2 billion electric car battery factory in the U.K. which is expected to become one of Europe's largest battery cell manufacturing sites. Key Points
Economic Times
Is chip shortage over? Korea stockpiles swell to a record as demand sputters
Activity in South Koreas chips industry is an important gauge of global demand for electronics, as the country houses two of the worlds largest semiconductor companies, Samsung Electronics Co. and SK Hynix Inc. Key Points
Economic TimesSBI board approves raising up to $2 billion via long-term debt
It was SBI's third Tier-1 bond issuance in the previous financial year. The tenor of these bonds is perpetual, with a call option after 10 years and every anniversary thereafter. Key Points
Economic TimesIndia set to become 3rd largest economy in five years: Piyush Goyal
He also called the Regional Comprehensive Economic Partnership (RCEP) trade deal as a disaster in the making and it was music to my ears when Prime Minister Narendra Modi said the country would not be joining it. The Union minister of commerce and industry was speaking at the Asia Economic Dialogue 2023 event here. Key Points
Economic TimesBajaj Hindusthan plans to infuse fresh equity into business: Chairman Kushagra Bajaj
Bajaj Hindusthan Sugar, one of India's largest sugar and ethanol producers, is looking to turn the corner by putting its debt issues behind. In an interview, chairman Kushagra Bajaj told ET's Deborshi Chaki about the group's plans to infuse fresh equity into the business, which will entail zero haircut for the lenders. Key Points
Economic TimesSBI economists say India to be 3rd largest economy by 2027, advance estimate by 2 yrs
In a note that comes a day after Prime Minister Narendra Modi exuded confidence of winning a third term and India galloping to being the third largest till 2029, SBI economists said India's real GDP will grow at over 6.5 per cent in FY24. Key Points
Economic Times
Electronics exports grew 56% in Q1, at 4th in pecking order
As per experts, at this rate, electronics is likely to emerge as the third largest category of exports in the coming quarters as its gap with the current gems and jewellery segment is narrowing fast. Electronics have overtaken chemicals and drugs and pharmaceuticals to jump from sixth largest exports category to become the fourth largest in Q1 FY24. Key Points
Economic TimesAdani Ports cargo volumes jump 9.5% in March
The overall container volumes handled by APSEZ in India jumped to 8.6 MTUs (+5% YoY), including 6.6 MTEUs at Mundra alone Key Points
mintAdani Green seals its largest project financing of $1.36 billion
Adani Green Energy announced securing a $1.36 billion senior debt facility, its largest project financing yet under the Construction Financing Framework. This enhances the total funding to $3 billion since March 2021. The funding, backed by a consortium of international banks, supports AGEL's pivotal Renewable Energy Park development in Gujarat's Khavda, emphasizing its strategic significance. Key Points
Economic Timeslargest strike in decades leaves Germany at a standstill
A 24-hour strike has been called by the Verdi trade union and railway and transport union EVG, on behalf of around 2.5 million employees in the public sector. Key Points
India TodayIndia's rice planting gathers pace as monsoon rains revive
Indian farmers have reported a 23.7m hectare increase in summer-sown rice, up 1.71% YoY. Crucial monsoon rains in July helped farmers accelerate sowing and this higher rice planting in India, the world's second largest producer of the grain, will ease concerns about the staple's lower output. India ordered a halt to its largest rice export category earlier this month - a move that will roughly halve shipments by the world's largest exporter of the grain. Key Points
Economic Times